Bank of America (BAC) FY2020 results: revenue $85.5 billion, down 6.3% on the year
Bank of America Corp. (BAC) reported revenue of $85.5 billion for fiscal 2020, the year ended 31 December 2020, down 6.3% on the year before. Net income was $17.9 billion, down 34.8%, and diluted earnings per share $1.87. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$85.5 billion
-6.3% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$17.9 billion
-34.8% on the year
FY2013FY2020
Diluted EPS
$1.87
-32.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
85,528
91,244
91,020
-6.3%
Interest expense
8,225
22,345
18,607
-63.2%
Pre-tax income
18,995
32,754
34,584
-42.0%
Income tax
1,101
5,324
6,437
-79.3%
Effective tax rate
5.8%
16.3%
18.6%
Net income
17,894
27,430
28,147
-34.8%
Net margin
20.9%
30.1%
30.9%
Diluted EPS
$1.87
$2.75
$2.61
-32.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
37,993
61,777
39,520
-38.5%
Cash from investing
-177,665
-80,630
-71,468
Cash from financing
355,819
3,377
53,118
+10,436.5%
Depreciation and amortisation
1,843
1,729
2,063
+6.6%
Share-based compensation
2,031
1,974
1,729
+2.9%
Buybacks
7,025
28,144
20,094
-75.0%
Dividends paid
7,727
5,934
6,895
+30.2%
Dividend per share
$0.72
$0.66
$0.54
+9.1%
Diluted shares, weighted
8,797m
9,443m
10,237m
-6.8%
Shares outstanding at period end
8,651m
8,836m
9,669m
-2.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
272,924
264,810
265,325
+3.1%
Deposits
1,795,480
1,434,803
1,381,476
+25.1%
Repurchase agreements
170,323
165,109
186,988
+3.2%
Trading liabilities
71,320
83,270
68,220
-14.4%
Debt
452,578
430,169
436,569
+5.2%
Other liabilities
57,002
55,918
15,929
+1.9%
Total liabilities and equity
2,819,627
2,434,079
2,354,507
+15.8%
Fixed assets
11,000
10,561
9,906
+4.2%
Goodwill
68,951
68,951
68,951
0.0%
Intangible assets
2,200
1,700
1,800
+29.4%
Securities held for sale or to maturity
672,770
461,369
433,018
+45.8%
Loans
n/a
974,010
937,294
Resale agreements
304,058
274,597
261,131
+10.7%
Trading assets
198,854
229,826
214,348
-13.5%
Cash and equivalents
380,463
161,560
177,404
+135.5%
Other assets
1,181,331
251,505
250,655
+369.7%
Total assets
2,819,627
2,434,079
2,354,507
+15.8%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.